[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_100":101},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","u39u1c3mo4ccif5ulzrnh4e9g","revision",2,"title","Laureate Education公布截至2026年9月30日的第三季度及九个月业绩：收入分别为4.851亿美元和13.736亿美元","originalTitle","LAUREATE EDUCATION, INC. (0000912766) (Filer)","summary","Laureate Education截至2026年9月30日的第三季度收入为4.851亿美元，同比增长21%；持续经营净利润为1.012亿美元，上年同期为3,448.1万美元。","reason","节选呈现了Laureate Education第三季度及九个月收入、利润和现金流变化，并显示学年日历时点与汇率是业绩变动因素。","source",{"_12":91,"_92":93,"_9":94,"_95":42,"_96":97,"_98":99},"links",{"_88":89,"_79":90},"publishedAt","2026-10-29T11:13:32.000Z","discoveredAt","2026-10-29T11:24:06.627Z","timelineAt","category","ai-products","tags",[85,86,87],"stockSymbols",[84],"score",72,"selected",true,"channel","news","story",{"_74":75,"_16":76},"x","readingMode","full","author","language","body",{"_64":78,"_79":-5,"_80":81,"_82":83},"outline",[],"relatedStories",[77],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":73},"hasTranslation","bodyLanguage","zh","factId","fv1ro_5PdGKo",{"_74":75,"_16":76},"reportCount",3,"additionalSourceCount",1,"developmentCount",0,"publicId","ce1a9640-3424-44b3-8342-1ed9b5359dd3","Laureate Education公布第三季度业绩并增加回购授权",{"_74":75,"_16":76},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表格

☒ 根据《1934年证券交易法》第13或15(d)条提交的季度报告

截至2026年9月30日的季度期间

或

☐ 根据《1934年证券交易法》第13或15(d)条提交的过渡报告

过渡期间：从 __________ 至 __________。

委员会档案编号：001-38002

$\"laureatea09.jpg\"$

Laureate Education, Inc.

（注册人章程中规定的准确名称）

特拉华州

52-1492296

（注册成立或组织所在的州或其他司法管辖区）

（美国国税局雇主识别号码）

PMB 1158, 1000 Brickell Avenue, Suite 715,

迈阿密，

佛罗里达州

33131

（主要执行办公室地址）

（邮政编码）

注册人电话号码（含区号）：(786) 209-3368

根据《1934年证券交易法》第12(b)条注册的证券：


各类别证券名称	交易代码	上市交易所名称
普通股，每股面值 $0.004	LAUR	纳斯达克股票市场有限责任公司
纳斯达克全球精选市场

请勾选表明注册人是否（1）在过去12个月内（或注册人须提交此类报告的较短期间内）提交了《1934年证券交易法》第13或15(d)条要求提交的所有报告，以及（2）在过去90天内是否一直受此类申报要求约束。是 x 否 o

请勾选表明注册人是否已通过电子方式提交根据S-T条例第405条（本章§232.405）要求提交的每个交互式数据文件，且提交期限为过去12个月（或注册人须提交此类文件的较短期间）。是 x 否 o

请勾选表明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小报告公司还是新兴成长型公司。定义见《交易法》规则12b-2中对“大型加速申报公司”“加速申报公司”“较小报告公司”和“新兴成长型公司”的界定。

大型加速申报公司 x 加速申报公司 ☐ 非加速申报公司 ☐

较小申报公司 ☐ 新兴成长型公司 ☐

如果属于新兴成长型公司，请勾选表明注册人是否已选择不采用《交易法》第13(a)条规定的、遵守任何新订或修订财务会计准则的延长过渡期。 o

请勾选表明注册人是否为《交易法》规则12b-2所定义的空壳公司。是 ☐ 否 x

截至最近可行日期，发行人各类普通股的流通股数。


类别		截至2026年9月30日的流通股数
普通股，每股面值$0.004		135,745,894


目录
第一部分 - 财务信息	页码

第1项	财务报表（未经审计）

	合并经营报表——截至2026年9月 30日和2025年9月 30日的三个月	2

	合并经营报表——截至2026年9月 30日和2025年9月 30日的九个月	3

	合并综合收益表——截至2026年9月 30日和 2025年9月 30日	4

	合并综合收益表——截至2026年9月 30日和2025年9月 30日的九个月	5

	合并资产负债表——2026年9月 30日和2025年12月 31日	6

	合并现金流量表——截至2026年9月 30日和2025年9月 30日的九个月	8

	合并财务报表附注	9

第2项	管理层对财务状况和经营成果的讨论与分析	23

第3项	关于市场风险的定量和定性披露	40

第4项	控制与程序	40

第二部分 - 其他信息

第1项	法律诉讼	41

第1A项	风险因素	41

第2项	未注册的股权证券销售及所得款项用途	41

第5项	其他信息	41

第6项	附件	42

签名	43

第一部分 - 财务信息

第1项财务报表（未经审计）

LAUREATE EDUCATION, INC.及其子公司

合并经营报表

单位：千，股份金额除外



截至9月30日的三个月，	2026		2025
	（未经审计）		（未经审计）
收入	$	485,085			$	400,224
成本和费用：
直接成本	353,400			316,538
一般和管理费用	12,565			12,218

营业收入	119,120			71,468
利息收入	2,292			2,136
利息支出	(4,836)			(2,605)


其他（费用）收入，净额	(69)			171
外币汇兑收益（损失），净额	4,711			(2,347)

持续经营业务税前收入	121,218			68,823
所得税费用	(20,002)			(34,450)

持续经营业务收入	101,216			34,373
终止经营业务收入，扣除两期均为 $0 的税款后	—			6
净收入	101,216			34,379
归属于非控股权益的净亏损	—			108
归属于 Laureate Education, Inc. 的净收入	$	101,216			$	34,487


基本每股收益：
持续经营业务收入	$	0.74		$	0.23
终止经营业务收入	—		—
基本每股收益	$	0.74		$	0.23
稀释每股收益：
持续经营业务收入	$	0.73		$	0.23
终止经营业务收入	—		—
稀释每股收益	$	0.73		$	0.23

随附附注是这些合并财务报表不可分割的一部分。

LAUREATE EDUCATION, INC. 及其子公司

合并经营报表

单位：千，股份金额除外


截至 9 月 30 日的九个月，	2026		2025
	（未经审计）		（未经审计）
收入	$	1,373,560			$	1,160,542
成本和费用：
直接成本	1,020,602			872,252
一般及行政费用	37,943			36,676

营业收入	315,015			251,614
利息收入	5,730			5,024
利息费用	(12,143)			(8,116)


其他收入，净额	392			960
外币汇兑收益（损失），净额	3,689			(31,122)

持续经营业务税前收入及联营公司净收入中的权益	312,683			218,360
所得税费用	(95,958)			(106,326)
联营公司净收入中的权益，扣除税款后	—			3
持续经营业务收入	216,725			112,037
终止经营业务收入，扣除两期均为 $0 的税款后	—			215
净收入	216,725			112,252
归属于非控股权益的净收入	—			(2,178)
归属于 Laureate Education, Inc. 的净收入	$	216,725			$	110,074


基本每股收益：
持续经营业务收入	$	1.55		$	0.74
终止经营业务收入	—		—
基本每股收益	$	1.55		$	0.74
稀释每股收益：
持续经营业务收入	$	1.54		$	0.74
终止经营业务收入	—		—
稀释每股收益	$	1.54		$	0.74

随附附注是这些合并财务报表不可分割的一部分。

LAUREATE EDUCATION, INC. 及其子公司

合并综合收益表

单位：千


截至 9 月 30 日的三个月，	2026		2025
	（未经审计）		（未经审计）
净收入	$	101,216			$	34,379
其他综合收益：
外币折算调整，扣除两期均为 $0 的税款后	(10,561)			28,619


其他综合（损失）收益总额	(10,561)			28,619
综合收益	90,655			62,998
归属于非控股权益的综合（收益）亏损净额	(4)			109
归属于 Laureate Education, Inc. 的综合收益	$	90,651			$	63,107

随附附注是这些合并财务报表不可分割的一部分。

LAUREATE EDUCATION, INC. 及其子公司

合并综合收益表

单位：千


截至 9 月 30 日的九个月，	2026		2025
	（未经审计）		（未经审计）
净收入	$	216,725			$	112,252
其他综合收益：
外币折算调整，扣除两期均为 $0 的税款后	4,816			111,316

最低养老金负债调整，扣除税款（两个期间均为 $0）	48			—
其他综合收益总额	4,864			111,316
综合收益	221,589			223,568
归属于非控股权益的综合净收益	(4)			(2,174)
归属于 Laureate Education, Inc. 的综合收益	$	221,585			$	221,394

随附附注是这些合并财务报表不可分割的组成部分。

LAUREATE EDUCATION, INC. 及其子公司

合并资产负债表

单位：千，股份金额除外


	2026年9月30日		2025年12月31日
资产	（未经审计）
流动资产：
现金及现金等价物	$	189,904			$	146,703
受限现金	4,129			5,372
应收款项：
应收账款及票据	242,947			244,070
其他应收款	2,523			15,735
呆账准备	(127,781)			(125,056)
应收款项净额	117,689			134,749

应收所得税	5,560			2,568

预付费用及其他流动资产	30,195			28,956

流动资产总额	347,477			318,348
不动产及设备：
土地	161,322			162,595
建筑物	416,284			397,102
家具、设备及软件	621,778			596,546
租赁改良	165,679			159,875
在建工程	45,706			26,704
累计折旧及摊销	(752,818)			(714,206)
不动产及设备净额	657,951			628,616
经营租赁使用权资产净额	532,815			335,626
商誉	641,519			637,300
商标名称净额	166,700			166,195
递延成本净额	5,143			4,537
递延所得税	79,050			72,159

其他资产	46,134			41,888
持有待售长期资产	813			1,681
资产总额	$	2,477,602			$	2,206,350

随附附注是这些合并财务报表不可分割的组成部分。

LAUREATE EDUCATION, INC. 及其子公司

合并资产负债表（续）

单位：千，股份金额除外


	2026年9月30日		2025年12月31日
负债及股东权益	（未经审计）
流动负债：
应付账款	$	55,105			$	57,126
应计费用	95,482			72,669
应计薪酬及福利	107,585			112,591
递延收入及学生押金	110,161			80,161
流动经营租赁负债	49,186			55,971
长期债务及融资租赁的流动部分	18,030			54,585
应付所得税	19,490			13,225



其他流动负债	34,313			26,579

流动负债总额	489,352			472,907
长期经营租赁负债，扣除流动部分	530,707			331,792
长期债务及融资租赁，扣除流动部分	184,671			73,123
递延薪酬	6,275			7,482
应付所得税	49,573			78,979
递延所得税	15,719			15,590

其他长期负债	41,059			37,717

负债总额	1,317,356			1,017,590
可赎回权益	699			1,398
股东权益：
优先股，每股面值 $0.001——授权发行 50,000 股；截至 2026年9月30日及 2025年12月31日，均无已发行及流通股	—			—
普通股，每股面值 $0.004——授权发行 700,000 股；截至 2026年9月30日已发行及流通 135,746 股，截至 2025年12月31日已发行及流通 142,940 股	543			572
额外实缴资本	1,027,057			1,075,460
留存收益	431,106			416,889
累计其他综合亏损	(299,159)			(304,984)

Laureate Education, Inc. 股东权益总额	1,159,547			1,187,937
非控股权益	—			(575)
股东权益总额	1,159,547			1,187,362
负债及股东权益总额	$	2,477,602			$	2,206,350

随附附注是这些合并财务报表不可分割的一部分。

LAUREATE EDUCATION, INC.及其子公司

合并现金流量表

单位：千


截至9月30日的九个月，	2026		2025
经营活动产生的现金流量	（未经审计）		（未经审计）
净利润	$	216,725			$	112,252
将净利润调节为经营活动提供的现金净额：
折旧和摊销	69,436			53,333
经营租赁使用权资产摊销	25,253			26,473

租赁终止以及子公司和财产及设备处置收益，净额	(1,178)			(324)



非现金利息支出	2,247			1,139
非现金股份薪酬费用	10,611			9,709
坏账费用	47,473			40,478
递延所得税	(6,288)			(39)
未实现外币汇兑损失	(3,947)			30,949

其他，净额	(7,800)			(5,752)
经营性资产和负债变动：
应收款项	(30,087)			(26,199)
预付费用和其他资产	(5,627)			834
应付账款和应计费用	16,478			17,476
应收/应付所得税，净额	(26,435)			5,210
递延收入和其他负债	17,778			7,271
经营活动提供的现金净额	324,639			272,810
投资活动产生的现金流量
购置财产和设备	(63,445)			(36,065)

出售财产和设备所得款项	2,396			248
出售已终止经营业务所得款项，净额	—			108






投资活动使用的现金净额	(61,049)			(35,709)
融资活动产生的现金流量
债务借款	264,541			94,504
偿还债务	(221,944)			(117,111)
支付已归属股份薪酬奖励的股息等价权	(115)			(455)

行使股票期权所得款项	83			128
为满足已归属股票奖励和已行使股票期权的预扣税要求而扣留的股份	(4,603)			(2,345)
回购普通股付款及消费税付款	(258,904)			(71,591)
支付债务发行成本	(553)			—


融资活动使用的现金净额	(221,495)			(96,870)
汇率变动对现金及现金等价物和受限现金的影响	(137)			8,095
持有待售流动资产中所含现金的变动	—			269
现金及现金等价物和受限现金净变动	41,958			148,595
期初现金及现金等价物和受限现金	152,075			97,854
期末现金及现金等价物和受限现金	$	194,033			$	246,449

随附附注是这些合并财务报表不可分割的一部分。

Laureate Education, Inc.及其子公司

合并财务报表附注

（金额和股份数以千计）

附注1. 业务说明

Laureate Education, Inc.及其子公司（以下简称Laureate、我们或本公司）通过在墨西哥和秘鲁的一系列授予学位的高等教育机构，向学生提供高等教育课程和服务。Laureate通过校区办学机构和电子分发教育课程（在线）提供课程。我们注册于特拉华州，是一家公益公司，体现了我们长期致力于造福学生和社会的使命。本公司于2017年2月6日完成首次公开募股（IPO），其股票在纳斯达克全球精选市场上市，股票代码为“LAUR”。

随附的未经审计合并财务报表根据美国公认会计原则（GAAP）关于中期财务信息的规定以及 10-Q 表格的说明编制。因此，这些报表未包含 GAAP 要求完整财务报表披露的全部信息和脚注。我们认为，这些财务报表包含了我们认为为公允列报合并经营业绩、财务状况和现金流量所必需的所有调整。任何中期期间的经营业绩不一定代表全年可能取得的业绩。阅读这些未经审计的合并财务报表时，应结合 Laureate 截至 2025 年 12 月 31 日的财年 10-K 年度报告（2025 年 10-K 表格）中包含的经审计合并财务报表。

附注 2. 收入

收入确认

我们的收入主要包括在读学生的学费收入。我们还通过学生费用、短期课程及其他教育相关活动产生其他收入。相较于我们的整体财务业绩，这些其他收入的重要性较低，且通常随学费收入变动。当承诺的商品或服务的控制权转移给客户时，我们按预期有权以该等商品或服务换取的对价金额确认收入。此类收入扣除奖学金及其他折扣、退款和费用豁免。Laureate 各院校的收费和学术周期各不相同。

我们根据 ASC 第 606 主题《客户合同收入》规定的五步模型确定收入确认方式，具体如下：

•识别与客户订立的合同；

•识别合同中的履约义务；

•确定交易价格；

•将交易价格分摊至合同中的履约义务；以及

•在我们履行履约义务时或履行过程中确认收入。

我们在记录收入前按组合基础评估可收回性。如果学生从某院校退学，Laureate 是否有义务退款取决于该院校的退款政策以及学生退学的时间。一般而言，随着学期推进，我们的退款义务会逐渐减少。在适用情况下，我们将退款记为递延收入的减项。

下表列示截至 2026 年和 2025 年 9 月 30 日止三个月按可报告分部划分的收入构成及其占总收入的比例：


	墨西哥	秘鲁				公司(1)	总计
2026
学费及教育服务收入	$	372,091		$	233,343				$	—		$	605,434	125	%
其他	44,668		28,323					1	72,992		15	%
总收入	416,759		261,666					1	678,426		140	%
减：折扣 / 费用豁免 / 奖学金	(160,290)		(33,051)					—	(193,341)		(40)	%
总计	$	256,469		$	228,615				$	1		$	485,085	100	%
2025
学费及教育服务收入	$	271,959		$	205,691				$	—		$	477,650	119	%
其他	33,748		22,471					39	56,258		14	%
总收入	305,707		228,162					39	533,908		133	%
减：折扣 / 费用豁免 / 奖学金	(110,867)		(22,817)					—	(133,684)		(33)	%
总计	$	194,840		$	205,345				$	39		$	400,224	100	%

(1) 包括分部间收入的抵销。

下表列示了截至2026年和2025年9月30日止九个月按可报告分部划分的收入构成及其占总收入的百分比：


	墨西哥	秘鲁	公司(1)	总计
2026
学费及教育服务	$	1,044,330		$	655,753	$	—		$	1,700,083	124	%
其他	123,850		73,613		29	197,492		14	%
总收入	1,168,180		729,366		29	1,897,575		138	%
减：折扣 / 减免 / 奖学金	(432,073)		(91,942)		—	(524,015)		(38)	%
总计	$	736,107		$	637,424	$	29		$	1,373,560	100	%
2025
学费及教育服务	$	822,251		$	565,558	$	—		$	1,387,809	120	%
其他	100,999		55,920		143	157,062		13	%
总收入	923,250		621,478		143	1,544,871		133	%
减：折扣 / 减免 / 奖学金	(321,786)		(62,543)		—	(384,329)		(33)	%
总计	$	601,464		$	558,935	$	143		$	1,160,542	100	%

(1)包括分部间收入的抵销。

合同余额

开票、现金收款和收入确认的时间差异导致合并资产负债表中出现应收账款（合同资产）以及递延收入和学生押金（合同负债）。我们的开票周期和学期周期各不相同；虽然学生通常会在学期开始前选课，但我们在学期开始时确认学生应收款。只有在很可能收回我们因向学生转让商品和服务而有权获得的几乎全部对价时，才确认应收款。我们会在确认收入前收取学生的预付款或押金，并将其记为递延收入和学生押金中的合同负债。各大学的付款条款有所不同：有些大学要求在学期开始前付款，另一些则允许学生在学期期间分期付款。

我们的所有合同资产均视为应收账款，并计入随附合并资产负债表中的应收账款及票据余额。截至2026年9月30日和2025年12月31日，我们与学生签订的合同产生的应收账款总额分别为$242,947和$244,070。合同资产余额主要受招生周期影响。第一和第三个日历季度通常分别与较大型院校的主要和次要招生季相吻合。所有合同资产均列为流动资产。

截至2026年9月30日，流动负债部分的随附合并资产负债表中，递延收入和学生押金余额包含$110,161的合同负债；截至2025年12月31日，该金额为$80,161。在截至2026年9月30日的期间内，合同负债余额增加，原因是学期账单以及在履行履约义务前收到的现金付款，部分被该期间确认的收入抵销。截至2026年9月30日止九个月内确认的收入中，约$68,500已计入年初的合同负债余额。

附注3. 业务和地理分部信息

Laureate通过两个可报告分部提供教育服务：墨西哥和秘鲁。Laureate根据首席运营决策者用于分配资源和评估业绩的信息确定其分部。Laureate的首席执行官是首席运营决策者。

我们的各业务分部通过提供教育服务创造收入，课程侧重于职业导向型学科，并在广泛的学科领域提供本科和研究生学位。我们的教育服务采用校园授课、在线授课和混合式授课（在线与课堂授课相结合）的课程和项目来提供教学内容。墨西哥和秘鲁市场的特点是，我们认为供需之间存在显著失衡。高等教育需求旺盛且不断增长，受到多种人口和经济因素推动，包括中产阶级壮大、服务业和技术相关行业在全球范围内发展，以及人们认识到高等教育机构毕业生可获得显著的个人和经济收益。目标人群主要是我们开展业务所在国家的18至24岁人群。我们与其他私立高等教育机构在价格、教育质量、声誉和地理位置方面展开竞争。我们认为，凭借对质量的专注、职业导向型课程，以及本地网络所带来的竞争优势，我们相较竞争对手具有优势。在我们运营的两个国家中，存在多家私立和公立院校，市场未来将如何发展以及届时会有多少竞争者，均难以预测。随着墨西哥和秘鲁市场日趋成熟，我们预计竞争将加剧。我们的收入几乎全部来自私人付费来源，因为墨西哥或秘鲁均无实质性的政府资助贷款项目。以下将分别介绍两个可报告分部的具体情况。

在墨西哥，私营部门在高等教育中发挥着重要作用，弥补公立大学容量不足造成的供需失衡。Laureate拥有两所获得国家许可的院校，在全国范围内布局，拥有30多个校区。

在秘鲁，私立大学正日益提供所需容量，以满足高等教育市场不断增长的需求。Laureate在秘鲁拥有三所院校，共有16个校区。

分部间交易的会计处理方式与第三方交易相似，并在合并时予以抵销。以下表格所列公司项目金额包括未分配给可报告分部的公司费用，以及抵销分部间项目的调整。

首席运营决策者在年度预算和月度预测过程中使用调整后EBITDA评估各分部业绩并分配资源。调整后EBITDA定义为持续经营业务所得税前收入和关联公司净收益中的权益份额，并加回以下项目：处置子公司收益净额、外币汇兑收益（损失）净额、其他费用（收入）净额、债务清偿损失、利息费用、利息收入、折旧和摊销费用、资产减值损失以及股份支付费用。首席运营决策者在决定如何向各分部分配资源时，会考虑调整后EBITDA的预算与实际差异。

调整后 EBITDA 也是管理层和董事会用于了解和评估核心经营业绩及趋势、编制和批准年度预算以及制定短期和长期运营计划的一项关键指标。特别是，在计算调整后 EBITDA 时剔除某些费用，有助于比较各期间的核心业务表现。此外，董事会薪酬委员会和首席执行官在向高管及管理团队其他成员支付激励薪酬时，也会将调整后 EBITDA 作为一项关键财务指标。因此，我们认为，调整后 EBITDA 能为投资者及其他人士提供有用信息，使其能够以与管理层和董事会相同的方式了解和评估我们的经营业绩。我们使用总资产作为可报告分部的资产衡量指标。

下表列示了可报告分部的调整后 EBITDA 与合并经营报表所列持续经营业务税前收入及联营公司净收益中权益之间的调节：


	截至以下日期的三个月		截至以下日期的九个月
	9月30日，		9月30日，
	2026		2025		2026		2025





可报告分部的调整后 EBITDA：
墨西哥	$	62,053			$	25,712		$	174,118	$	136,087
秘鲁	93,979			78,065			249,810		206,457
可报告分部调整后 EBITDA 总额	156,032			103,777			423,928		342,544
调节项目：
公司总部	(9,201)			(8,948)			(28,866)		(27,888)
折旧和摊销费用	(23,839)			(19,596)			(69,436)		(53,333)

股份薪酬费用	(3,872)			(3,765)			(10,611)		(9,709)

营业收入	119,120			71,468			315,015		251,614
利息收入	2,292			2,136			5,730		5,024
利息费用	(4,836)			(2,605)			(12,143)		(8,116)


其他费用（收入），净额	(69)			171			392		960
外币汇兑收益（损失），净额	4,711			(2,347)			3,689		(31,122)

持续经营业务税前收入及联营公司净收益中权益	$	121,218			$	68,823		$	312,683	$	218,360

下表列示了可报告分部的重大分部费用：


	截至以下日期的三个月		截至以下日期的九个月
	9月30日，		9月30日，
	2026		2025		2026		2025
墨西哥
收入	$	256,469			$	194,840		$	736,107	$	601,464
减：
人工成本	89,240			75,854			266,382		221,936
租赁及其他设施成本	29,883			27,026			85,949		75,225
广告成本	24,335			19,579			59,643		46,628
其他成本 (1)	50,958			46,669			150,015		121,588
调整后 EBITDA	$	62,053			$	25,712		$	174,118	$	136,087

秘鲁
收入	$	228,615			$	205,345		$	637,424	$	558,935
减：
人工成本	78,041			74,014			229,625		207,529
租赁及其他设施成本	8,157			8,383			23,893		24,261
广告成本	14,592			10,201			42,948		30,165
其他成本 (1)	33,846			34,682			91,148		90,523
调整后 EBITDA	$	93,979			$	78,065		$	249,810	$	206,457

(1) 各可报告分部的其他成本包括：专业服务费用、技术费用、坏账及其他直接成本。

下表列示了可报告分部的其他财务信息：


	截至以下日期的三个月		截至以下日期的九个月
	9月30日，		9月30日，
	2026		2025	2026		2025
墨西哥
折旧和摊销费用	$	14,964		$	12,020		$	43,842	$	31,764

长期资产支出	$	13,435		$	12,121		$	32,890	$	20,521

秘鲁
折旧和摊销费用	$	8,853		$	7,403		$	25,562	$	21,045

长期资产支出	$	14,400		$	6,066		$	29,688	$	15,544

下表列示了可报告分部的总资产：


	2026年9月30日		2025年12月31日
资产
墨西哥	$	1,593,807			$	1,383,658
秘鲁	756,981			674,902
公司总部	126,814			147,790
总资产	$	2,477,602			$	2,206,350

注释 4. 商誉

2025年12月31日至2026年9月30日期间商誉账面净值的变动由以下项目构成：


	墨西哥	秘鲁	合计
2025年12月31日余额	$	557,241		$	80,059	$	637,300




货币折算调整	5,493		(1,274)		4,219

2026年9月30日余额	$	562,734		$	78,785	$	641,519

注释 5. 债务

未偿还的长期债务如下：


	2026年9月30日		2025年12月31日
优先长期债务：
优先担保信贷额度	$	35,000			$	—

其他债务：
信贷额度	1,171			43,278
应付票据	81,100			22,313
优先债务及其他债务合计	117,271			65,591
融资租赁义务	86,933			63,463
长期债务及融资租赁合计	204,204			129,054
减：未摊销递延融资成本总额	1,503			1,346
减：长期债务及融资租赁的流动部分	18,030			54,585
长期债务及融资租赁，扣除流动部分	$	184,671			$	73,123

优先担保信贷额度

本公司根据其信贷协议（经修订信贷协议）维持一项循环信贷额度（循环信贷额度），该额度提供155,000美元的循环贷款，期限至2028年9月18日。根据经修订信贷协议可借入的信贷额度（无论是循环贷款还是定期贷款，如有）在本文中统称为“优先担保信贷额度”。截至2026年9月30日和2025年12月31日，优先担保信贷额度的未偿还余额总额分别为35,000美元和0美元。

秘鲁定期贷款

2026年6月30日，Laureate在秘鲁的子公司Universidad Privada del Norte（UPN）签订协议，借入205,000秘鲁索尔（贷款时约合60,000美元）。该贷款按6.45%的固定年利率计息，利息按季度支付。从2028年10月起至贷款于2033年7月到期，按季度偿还本金，每期金额为10,250秘鲁索尔（截至2026年9月30日为3,001美元）。贷款条款规定，所得款项可用于融资或支付资本支出，以及再融资营运资金信贷额度或其他债务。2026年7月，UPN收到贷款款项，并使用其中约41,000美元偿还营运资金信贷额度，预计将剩余贷款款项用于资助与校区扩建相关的资本支出。作为贷款抵押，UPN抵押了其四个校区地点的资产。截至2026年9月30日，该贷款未偿还余额总额为60,012美元。

债务估计公允价值

截至2026年9月30日和2025年12月31日，我们债务的估计公允价值接近其账面价值。

若干契约条款

截至2026年9月30日，我们的修订信贷协议包含若干限制性契约，其中包括：(1) 对新增债务的限制；(2) 对股息的限制；(3) 对资产出售的限制，包括出售子公司所有权权益和售后回租交易；以及(4) 对留置权、担保、贷款或投资的限制。修订信贷协议规定，仅就循环信贷额度而言，自截至2019年12月31日的季度起及此后，公司不得允许其合并高级担保债务与合并 EBITDA 的比率（定义见修订信贷协议）在每个季度末超过 3。修订信贷协议还规定，若该日循环信贷额度的使用率低于 25%，则不适用该财务契约。截至2026年9月30日，我们满足这一条件，因此不受杠杆率契约约束。此外，我们部分地点的债务包含财务维持契约。截至2026年9月30日，我们遵守了这些契约。

附注6. 承诺与或有事项

或有事项

Laureate 在日常经营过程中涉及法律诉讼、索赔、政府审计及其他事项。管理层认为，对于这些事项可能产生的后果，我们拥有充分的法律抗辩、保险保障和/或已计提的负债。管理层认为，这些事项的任何判决或和解均不会对 Laureate 的财务状况、经营业绩或现金流产生重大影响。

所得税或有事项

截至2026年9月30日和2025年12月31日，Laureate 分别记录了49,573美元和78,979美元的累计所得税或有事项负债。负债减少主要归因于一项约25,400美元的特定税务收益，该收益是在解决一项历史税务或有事项后，于截至2026年9月30日的三个月内记录的。

非所得税损失或有事项

Laureate 已就针对我们旗下院校的若干民事诉讼计提负债，其中部分诉讼在我们收购这些实体之前已经存在。Laureate 打算积极抗辩这些事项。截至2026年9月30日和2025年12月31日，分别约有13,200美元和12,800美元的损失或有事项计入合并资产负债表中的其他长期负债和其他流动负债。

我们还发现若干损失或有事项，我们评估其发生损失的可能性为合理可能，但并非很可能；若结果不利，可能对公司的经营业绩产生不利影响。总体而言，我们估计，如果结果不利，这些未入账或有事项的合理可能损失最高可达约18,900美元。

担保

秘鲁

2021年第一季度，我们的一家秘鲁机构为对2014年和2015年税务审计相关税务评估提出上诉而开具了一份银行保函。2026年第二季度，该秘鲁机构支付了相关税务评估款，因此该银行保函于2026年第三季度解除。截至2026年9月30日和2025年12月31日，保函总额分别约为$0和$8,100。

墨西哥

我们的两家墨西哥机构为对2017年税务审计相关评估提出上诉而开具了银行保函。截至2026年9月30日和2025年12月31日，第一份保函总额分别约为$13,000和$12,500，第二份保函总额分别约为$6,600和$6,300。

附注7. 股东权益

截至2026年9月30日的九个月内，股东权益净变动的组成如下：


	Laureate Education, Inc.股东
	普通股	额外实收资本	留存收益	累计其他综合亏损		非控股权益	股东权益总额
	股份数	金额
2025年12月31日余额	142,940		$	572		$	1,075,460	$	416,889	$	(304,984)		$	(575)	$	1,187,362


非现金股份薪酬	—		—		2,616		—	—		—		2,616
购买并注销普通股	(3,168)		(13)		(23,835)		(82,307)	—		—		(106,155)
行使股票期权及限制性股票单位归属，扣除为满足税款预扣要求而扣留的股份	206		1		(2,364)		—	—		—		(2,363)





净亏损	—		—		—		(21,594)	—		—		(21,594)
外币折算调整，扣除税款$0	—		—		—		—	(11,858)		(1)		(11,859)

最低养老金负债调整，扣除税款$0	—		—		—		—	48		—		48
2026年3月31日余额	139,978		$	560		$	1,051,877	$	312,988	$	(316,794)		$	(576)	$	1,048,055
非现金股份薪酬	—		—		4,123		—	—		—		4,123
购买并注销普通股	(2,237)		(9)		(16,814)		(59,586)	—		—		(76,409)
限制性股票单位归属，扣除为满足税款预扣要求而扣留的股份	8		—		—		—	—		—		—


可赎回权益重分类为不可赎回权益	—		—		699		—	—		—		699


净收入	—		—		—		137,103	—		—		137,103
外币折算调整，扣除税款$0	—		—		—		—	27,235		1		27,236


2026年6月30日余额	137,749		$	551		$	1,039,885	$	390,505	$	(289,559)		$	(575)	$	1,140,807
非现金股份薪酬	—		—		3,872		—	—		—		3,872
购买并注销普通股	(2,009)		(8)		(15,164)		(60,615)	—		—		(75,787)
限制性股票单位归属，扣除为满足税款预扣要求而扣留的股份	6		—		—		—	—		—		—

非控股权益变动	—		—		(1,536)		—	965		571		—

净收入	—		—		—		101,216	—		—		101,216
外币折算调整，扣除税款$0	—		—		—		—	(10,565)		4		(10,561)


2026年9月30日余额	135,746		$	543		$	1,027,057	$	431,106	$	(299,159)		$	—	$	1,159,547

股票回购

2024年9月13日，公司宣布董事会已批准一项金额为$100,000的股票购买计划。 2025年10月30日，公司宣布董事会已批准将公司股票回购计划的授权额度增加$150,000。2026年2月19日，公司宣布董事会已批准在现有公司股票回购计划授权额度的基础上再增加$150,000。2026年7月30日，公司宣布董事会已批准在现有公司股票回购计划的授权额度基础上再增加$150,000。该计划没有固定到期日，授权总额为$550,000。

截至2026年9月30日，公司股票回购授权项下剩余可用额度为$75,184。2026年10月29日，公司宣布董事会已批准在现有授权额度基础上增加$150,000，用于公司的股票回购计划。计入这项新授权以及截至2026年9月30日的累计回购后，公司可根据股票回购计划回购最多约$225,184的普通股，该计划没有固定到期日。

公司拟使用自由现金流、超额现金及手头流动性（包括其循环信贷额度下的可用额度）为回购提供资金。根据市场状况并遵守《交易法》项下颁布的适用规则和法规，公司拟不时通过公开市场按现行市场价格、私下协商交易、大宗交易和/或其他法律允许的方式进行回购。回购可依据根据《交易法》第10b5-1条制定的交易计划实施。公司董事会将定期审查股票回购计划，并可批准调整其条款和规模，或暂停或终止该计划。根据该股票回购计划，所有回购的股份均立即注销。注销回购股份时，购买价格加消费税超过面值的部分计入额外实收资本，但须遵守某些限制。剩余部分在留存收益为正的范围内计入留存收益。

截至2025年9月30日的九个月内，股东权益净变动的组成如下：


	Laureate Education, Inc. 股东
	普通股	额外实收资本	留存收益	累计其他综合亏损		非控股权益	股东权益总额
	股份	金额
2024年12月31日余额	150,794		$	604		$	1,129,511	$	291,644	$	(462,210)		$	(2,404)	$	957,145


非现金股份支付薪酬	—		—		2,463		—	—		—		2,463
购买并注销普通股	(2,181)		(9)		(16,339)		(25,875)	—		—		(42,223)
行使股票期权及限制性股票单位归属，扣除为满足预扣税款而扣留的股份	197		1		(1,129)		—	—		—		(1,128)
对股票薪酬奖励的公平调整	—		—		(2)		—	—		—		(2)




净亏损	—		—		—		(19,496)	—		(57)		(19,553)
外币折算调整，扣除税款$0	—		—		—		—	9,336		(3)		9,333


2025年3月31日余额	148,810		$	596		$	1,114,504	$	246,273	$	(452,874)		$	(2,464)	$	906,035
非现金股份支付薪酬	—		—		3,481		—	—		—		3,481
购买并注销普通股	(1,489)		(6)		(11,153)		(17,890)	—		—		(29,049)
行使股票期权及限制性股票单位归属，扣除为满足预扣税款而扣留的股份	42		—		86		—	—		—		86
对股票薪酬奖励的公平调整	—		—		8		—	—		—		8
净收入	—		—		—		95,083	—		2,343		97,426
外币折算调整，扣除税款$0	—		—		—		—	73,364		—		73,364
2025年6月30日余额	147,363		$	590		$	1,106,926	$	323,466	$	(379,510)		$	(121)	$	1,051,351
非现金股份支付薪酬	—		—		3,765		—	—		—		3,765

限制性股票单位归属，扣除为满足预扣税款而扣留的股份	6		—		—		—	—		—		—
非控股权益变动	—		—		321		—	—		(321)		—
对股票薪酬奖励的公平调整	—		—		1		—	—		—		1


净收入（亏损）	—		—		—		34,487	—		(108)		34,379
外币折算调整，扣除税款$0	—		—		—		—	28,620		(1)		28,619


2025年9月30日余额	147,369		$	590		$	1,111,013	$	357,953	$	(350,890)		$	(551)	$	1,118,115

基于股份的薪酬费用

截至2026年和2025年9月30日止三个月和九个月，公司分别确认了金额为$3,872和$3,765，以及$10,611和$9,709的限制性股票单位奖励的基于股份的薪酬费用。

累计其他综合收益（亏损）

我们合并资产负债表中的累计其他综合收益（亏损）（AOCI）包括因折算外国子公司财务报表而产生的累计折算调整、指定为有效净投资套期的衍生工具未实现收益，以及未确认为净定期福利成本组成部分的最低养老金负债累计净收益或亏损。与净投资套期相关的AOCI将在被套期被投资方出售或清算之前递延确认。Laureate在合并股东权益表中报告AOCI的变动。这些余额的组成部分如下：


	2026年9月30日		2025年12月31日
	Laureate Education, Inc.	非控股权益	合计		Laureate Education, Inc.	非控股权益	合计
外币折算调整	$	(307,833)		$	—		$	(307,833)		$	(313,610)	$	961	$	(312,649)
衍生工具未实现收益	10,416		—		10,416			10,416	—		10,416
最低养老金负债调整	(1,742)		—		(1,742)			(1,790)	—		(1,790)
累计其他综合亏损	$	(299,159)		$	—		$	(299,159)		$	(304,984)	$	961	$	(304,023)

附注8. 所得税

Laureate各期间的所得税费用均由联邦、州和外国所得税构成。截至2026年和2025年9月30日止九个月的税项费用基于估计的全年有效税率，并根据与中期期间具体相关的离散所得税项目进行调整。Laureate在多个国家开展业务，适用不同的法定税率；此外，还有一些处于亏损状态的实体，对于这些实体，税收优惠‘很可能不会’在亏损上实现。

截至2026年9月30日止九个月，公司确认所得税费用$95,958，上年同期为$106,326。所得税费用减少主要是由于公司在截至2026年9月30日止三个月内，因一项历史税务或有事项得到解决而确认了约$25,400的离散税收优惠。

附注9. 每股收益

Laureate通过将归属于普通股股东的收益除以报告期内普通股加权平均流通股数，计算基本每股收益（EPS）。稀释每股收益反映基于股份的薪酬奖励在行权或转换为普通股时可能造成的稀释。计算稀释每股收益时，采用库存股法，根据股票期权、限制性股票单位及任何其他基于股份的薪酬安排所产生的稀释影响，增加基本加权平均股数。

下表汇总了基本和稀释每股收益的计算：


截至9月30日止三个月，	2026		2025
持续经营业务基本和稀释每股普通股收益的分子：
持续经营业务收入	$	101,216			$	34,373
归属于非控股权益的亏损	—			108








持续经营业务净利润（用于计算基本和稀释每股收益）	$	101,216			$	34,481




用于计算终止经营业务基本和稀释每股普通股收益的分子：



终止经营业务收益，扣除税项后	$	—			$	6

用于计算基本和稀释每股普通股收益的分母：
基本加权平均流通股数	137,169			147,363
股票期权的稀释影响	243			235
限制性股票单位的稀释影响	573			613
稀释加权平均流通股数	137,985			148,211

基本每股收益：
持续经营业务收益	$	0.74			$	0.23
终止经营业务收益	—			—
基本每股收益	$	0.74			$	0.23
稀释每股收益：
持续经营业务收益	$	0.73			$	0.23
终止经营业务收益	$	—			$	—
稀释每股收益	$	0.73			$	0.23


截至9月30日的九个月，	2026		2025
用于计算持续经营业务基本和稀释每股普通股收益的分子：
持续经营业务收益	$	216,725			$	112,037
归属于非控股权益的收益	—			(2,178)








持续经营业务净利润（用于计算基本和稀释每股收益）	$	216,725			$	109,859




用于计算终止经营业务基本和稀释每股普通股收益的分子：



终止经营业务收益	$	—			$	215

用于计算基本和稀释每股普通股收益的分母：
基本加权平均流通股数	139,540			148,499
股票期权的稀释影响	242			228
限制性股票单位的稀释影响	570			503
稀释加权平均流通股数	140,352			149,230

基本每股收益：
持续经营业务收益	$	1.55			$	0.74
终止经营业务收益	—			—
基本每股收益	$	1.55			$	0.74
稀释每股收益：
持续经营业务收益	$	1.54			$	0.74
终止经营业务收益	—			—
稀释每股收益	$	1.54			$	0.74

如下表所示，在所列期间，没有股票期权或限制性股票单位因会产生反稀释影响而被排除在稀释每股收益计算之外：


	截至9月30日的三个月，	截至9月30日的九个月，
	2026	2025		2026	2025
股票期权	—		—		—	—
限制性股票单位	—		—		—	—

附注10. 法律和监管事项

Laureate在日常业务过程中涉及法律诉讼、索赔、政府审计及其他事项。管理层认为，对于这些事项最终可能产生的结果，我们拥有充分的法律抗辩、保险保障和/或已计提负债。管理层认为，对这些事项作出的任何判决或和解都不会对Laureate的财务状况、经营业绩或现金流产生重大影响。

我们的院校受不确定且各不相同的法律法规约束；这些法律法规或其对我们的适用方式发生任何变化，都可能对我们的业务、财务状况和经营业绩造成重大不利影响。影响我们高等教育院校的法律法规没有发生重大变化；相关法律法规已在我们的2025年Form 10‑K中说明。

附注11. 补充现金流信息

现金及现金等价物和受限现金的调节

下表对合并资产负债表中列报的现金、现金等价物和受限现金进行了调节，并列示了2025年9月30日的余额。2026年9月30日和2025年9月30日的余额合计数与截至2026年和2025年9月30日止九个月合并现金流量表中列示的金额相符：


	2026年9月30日	2025年9月30日	2025年12月31日
现金及现金等价物	$	189,904		$	240,994	$	146,703
受限现金	4,129		5,455		5,372
合并现金流量表中列示的现金及现金等价物和受限现金总额	$	194,033		$	246,449	$	152,075

受限现金是指无法立即用于当前运营的现金。

补充非现金信息

截至2026年9月30日止九个月，公司新增记录了约$227,000的经营租赁使用权资产和经营租赁负债。其中，约$134,000记录于2026年第一季度，主要与我们墨西哥分部校园房地产租约的延期有关。

附注12. 后续事项

提高授权股票回购计划额度

如附注7“股东权益”所述，2026年10月29日，公司宣布其董事会已批准将公司现有股票回购计划授权额度增加$150,000。

第2项. 管理层对财务状况和经营业绩的讨论与分析

前瞻性陈述

本季度 10-Q 表格报告（本 10-Q 表格）包含联邦证券法所指的“前瞻性陈述”，这些陈述涉及风险和不确定性。前瞻性陈述可通过其中包含“认为”“预期”“可能”“将”“应该”“寻求”“约”“打算”“计划”“估计”或“预计”等词语，或涉及我们战略、计划或意图的类似表述来识别。我们所有关于估计和预计的收益、成本、支出、现金流、增长率及财务业绩的陈述，以及关于当前增长战略和其他可能被识别、探索或实施的未来计划、战略或交易，以及任何因已完成交易而产生的诉讼或争议的陈述，均为前瞻性陈述。此外，我们的高级管理层有时会就预期的未来运营和业绩及其他发展发表前瞻性公开声明。所有这些前瞻性陈述均面临风险和不确定性，且这些风险和不确定性可能随时发生变化，包括与当前增长战略以及任何已完成的剥离或分拆交易对剩余业务的影响有关的风险和不确定性。因此，我们的实际业绩可能与预期存在重大差异。我们的前瞻性陈述大多源自运营预算和预测，而这些预算和预测基于许多详细假设。尽管我们认为这些假设合理，但我们谨提醒，已知因素的影响极难预测，而且我们当然无法预见所有可能影响实际业绩的因素。可能导致实际业绩与预期存在重大差异的重要因素，包括但不限于本 10-Q 表格所载的前瞻性陈述及风险因素相关内容，已在我们截至2025年12月31日的财年年度报告（10-K 表格）（2025年 10-K 表格）中的“第 1 项——业务”和“第 1A 项——风险因素”中披露。我们认为可能影响业绩的一些因素包括：

•在墨西哥和秘鲁运营我们的学位授予型高等教育机构组合所涉及的风险，包括复杂的商业、政治、法律、监管、税务和经济风险；

•我们维持并随后提高各机构学费标准和学生注册人数的能力；

•我们有效管理业务增长并提高运营杠杆的能力；

•维持品牌价值和声誉相关的风险；

•现行国际和美国法律法规对我们业务的管辖效力，或这些法律法规发生变化或其对我们业务的适用方式发生变化所带来的影响；

•我们运营所在市场的政治、经济和商业环境变化；

•总体经济状况以及教育服务和教育技术行业下行的风险，除其他影响外，这可能导致我们的商誉和无形资产减值；

•其他教育服务提供商可能带来的竞争加剧；

•我们或竞争对手推出的新服务被市场接受的程度，以及我们预测并应对教育服务市场变化的能力；

•税务负担高于预期的影响；

•外币价值波动对我们业务和经营业绩的影响；

•将新技术（包括人工智能）纳入我们的项目和流程所涉及的风险；

•季节性导致的收入波动；

•计算机网络和信息系统中断及其他网络安全事件相关的风险，包括个人信息或专有信息被盗用；

•抗议、罢工或自然灾害及其他灾害相关的风险；

•我们吸引和留住关键人员的能力；

•负债以及信贷和股票市场动荡相关的风险；

•我们专注于特定的公共利益宗旨并为社会创造积极影响，可能会对我们的财务业绩产生负面影响；以及

•我们普通股未来的交易价格，以及证券分析师报告对这些价格的影响。

我们提醒您，上述重要因素清单可能未涵盖对您而言重要的所有重大因素。此外，鉴于这些风险和不确定性，本 10-Q 表格所含前瞻性陈述中提及的事项实际上可能不会发生。除法律另有要求外，我们不承担因新信息、未来事件或其他原因而公开更新或修订任何前瞻性陈述的义务。

简介

本管理层对财务状况和经营业绩的讨论与分析（MD&A）旨在帮助财务报表读者了解 Laureate Education, Inc. 的经营业绩、财务状况和现金流量。阅读本 MD&A 时，应结合本 10-Q 表格其他部分所载的合并财务报表及相关附注。该合并财务报表以美元（USD）列报，金额四舍五入至千位；MD&A 中的金额则四舍五入至百万位并保留一位小数。因此，表格中的合计数与所列金额之和可能因四舍五入而存在差异。我们的 MD&A 分为以下部分：

•概述；

•经营业绩；

•流动性和资本资源；

•关键会计政策和估计；以及

•近期采用的会计准则。

概述

我们的业务

We operate a portfolio of degree-granting higher education institutions in Mexico and Peru. Collectively, we have approximately 539,600 students enrolled at five institutions in these two countries. We believe that the higher education markets in Mexico and Peru present an attractive long-term opportunity, primarily because of the large and growing imbalance between the supply and demand for affordable, quality higher education in those markets. We believe that the combination of the projected growth in the middle class, limited government resources dedicated to higher education, and a clear value proposition demonstrated by the higher earnings potential afforded by higher education creates substantial opportunities for high-quality private institutions to meet this growing and unmet demand. By offering high-quality, outcome-focused education, we believe that we enable students to prosper and thrive in the dynamic and evolving knowledge economy. We have two reportable segments as described below. We group our institutions by geography in Mexico and Peru for reporting purposes.

Our Segments

Our segments generate revenues by providing an education that emphasizes profession-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. Our educational offerings utilize campus-based, online and hybrid (a combination of online and in-classroom) courses and programs to deliver their curriculum. The Mexico and Peru markets are characterized by what we believe is a significant imbalance between supply and demand. The demand for higher education is large and growing and is fueled by several demographic and economic factors, including a growing middle class, global growth in services and technology-related industries and recognition of the significant personal and economic benefits gained by graduates of higher education institutions. The target demographics are primarily 18- to 24-year-olds in the countries in which we compete. We compete with other private higher education institutions on the basis of price, educational quality, reputation and location. We believe that we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the competitive advantages provided by our in-country networks. There are a number of private and public institutions in both of the countries in which we operate, and it is difficult to predict how the markets will evolve and how many competitors there will be in the future. We expect competition to increase as the Mexican and Peruvian markets mature. Essentially all of our revenues were generated from private pay sources as there are no material government-sponsored loan programs in Mexico or Peru. Specifics related to both of our reportable segments are discussed below:

•Private education providers in Mexico constitute approximately 39% of the total higher-education market. The private sector plays a meaningful role in higher education, bridging supply and demand imbalances created by a lack of capacity at public universities. Laureate owns two nationally licensed institutions and is present throughout the country with a footprint of over 30 campuses.

•In Peru, private universities are increasingly providing the capacity to meet growing demand and constitute approximately 76% of the total higher-education market. Laureate owns three institutions in Peru, with a footprint of 16 campuses.

Corporate is a non-operating business unit whose purpose is to support operations. Its departments are responsible for establishing operational policies and internal control standards, implementing strategic initiatives, and monitoring compliance with policies and controls throughout our operations. Our Corporate segment provides financial, human resource, information technology, insurance, legal, and tax compliance services. The Corporate segment also contains the eliminations of inter-segment revenues and expenses.

The following information for our reportable segments is presented as of September 30, 2026:


	Institutions	Enrollment	2026 YTD Revenues ($ in millions)	% Contribution to 2026 YTD Revenues
Mexico	2	292,500		$	736.1		54	%
Peru	3	247,100		637.4		46	%
Total	5	539,600		$	1,373.6		100	%

Challenges

Our operations are outside of the United States and are subject to complex business, economic, legal, regulatory, political, tax and foreign currency risks, which may be difficult to adequately address. As a result, we face risks that are inherent in international operations, including: fluctuations in exchange rates, possible currency devaluations, inflation and hyper-inflation; price controls and foreign currency exchange restrictions; potential economic and political instability in both countries in which we operate; expropriation of assets by local governments; key political elections and changes in government policies; subsequent changes to laws and regulatory regimes; multiple and possibly overlapping and conflicting tax laws; and compliance with a wide variety of foreign laws. See “Item 1A—Risk Factors—Risks Relating to Our Business—We operate a portfolio of degree-granting higher education institutions in Mexico and Peru and are subject to complex business, economic, legal, political, tax and foreign currency risks, which risks may be difficult to adequately address,” in our 2025 Form 10-K. We plan to grow our operations organically by: 1) adding new programs and course offerings; 2) expanding target student demographics; and 3) increasing capacity at existing and new campus locations. Our success in growing our business will depend on the ability to anticipate and effectively manage these and other risks related to operating in various countries. See “Item 1A—Risk Factors—Risks Relating to Our Business—If we do not effectively manage our growth and business, our results of operations may be materially adversely affected” in our 2025 Form 10-K.

Regulatory Environment and Other Matters

Our business is subject to varying laws and regulations based on the requirements of local jurisdictions. These laws and regulations are subject to updates and changes. We cannot predict the form of the rules that ultimately may be adopted in the future or what effects they might have on our business, financial condition, results of operations and cash flows. We will continue to develop and implement necessary changes that enable us to comply with such laws and regulations. See “Item 1A—Risk Factors—Risks Relating to Our Business—Our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may materially adversely affect our business, financial condition and results of operations,” and “Item 1—Business—Industry Regulation” in our 2025 Form 10-K for a detailed discussion of our different regulatory environments.

Key Business Metric

Enrollment

Enrollment is our lead revenue indicator and represents our most important non-financial metric. We define “enrollment” as the number of students registered in a course on the last day of the enrollment reporting period. New enrollments provide an indication of future revenue trends. Total enrollment is a function of continuing student enrollments and new student enrollments, offset by graduations and attrition. Attrition is defined as a student leaving the institution before completion of the program. To minimize attrition, we have implemented programs that involve assisting students in remedial education, mentoring, counseling and student financing.

Each of our institutions has an enrollment cycle that varies by geographic region and academic program. Each institution has a “Primary Intake” period during the academic year in which the majority of the enrollment occurs. Each institution also has a

smaller “Secondary Intake” period. Our Peruvian institutions have their Primary Intake during the first calendar quarter and a Secondary Intake during the third calendar quarter. Institutions in our Mexico segment have their Primary Intake during the third calendar quarter and a Secondary Intake during the first calendar quarter. Our institutions in Peru are generally out of session in January, February and July, while institutions in Mexico are generally out of session in May through July. Revenues are recognized when classes are in session.

Principal Components of Income Statement

Revenues

The majority of our revenue is derived from tuition revenue from enrolled students. The amount of tuition generated in a given period depends on the price per credit hour and the total credit hours or price per program taken by the enrolled student population. The price per credit hour varies by program, by market and by degree level. Additionally, varying levels of discounts and scholarships are offered depending on market-specific dynamics and individual achievements of our students. Revenues are recognized net of scholarships and other discounts, refunds and waivers. In addition to tuition revenues, we generate other revenues from student fees, short courses, and other education-related activities. These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues. The main drivers of changes in revenues between periods are student enrollment and price. We continually monitor market conditions and carefully adjust our tuition rates to meet local demand levels. We proactively seek the best price and content combinations to remain competitive in all the markets in which we operate.

Direct Costs

Our direct costs include labor and operating costs associated with the delivery of services to our students, including the cost of wages, payroll taxes and benefits, depreciation and amortization, rent, utilities, bad debt expenses, and marketing and promotional costs to grow future enrollments. In general, a significant portion of our direct costs tend to be variable in nature and trend with enrollment, and management continues to monitor and improve the efficiency of instructional delivery.

General and Administrative Expenses

Our general and administrative expenses primarily consist of costs associated with corporate departments, including executive management, finance, legal, business development and other departments that do not provide direct operational services.

Factors Affecting Comparability

Foreign Exchange

While the USD is our reporting currency, our institutions are located in Mexico and Peru and operate in other functional currencies, namely the Mexican peso and Peruvian nuevo sol. We monitor the impact of foreign currency movements and the correlation between the local currency and the USD. Our revenues and expenses are generally denominated in local currency. The principal foreign exchange exposure is the risk related to the translation of revenues and expenses incurred in each country from the local currency into USD. See “Item 1A—Risk Factors—Risks Relating to Our Business—Our reported revenues and earnings may be negatively affected by the strengthening of the U.S. dollar and currency exchange rates” in our 2025 Form 10‑K. In order to provide a framework for assessing how our business performed excluding the effects of foreign currency fluctuations, we present constant currency in our segment results, which is calculated using the change from prior-year average foreign exchange rates to current-year average foreign exchange rates, as applied to local-currency operating results for the current year.

Seasonality

Our institutions have a summer break during which classes are generally not in session and minimal revenues are recognized. In addition to the timing of summer breaks, holidays such as Easter also have an impact on our academic calendar. Operating expenses, however, do not fully correlate to the enrollment and revenue cycles, as the institutions continue to incur expenses during summer breaks. Given the geographic diversity of our institutions and differences in timing of summer breaks, our second and fourth quarters are stronger revenue quarters as the majority of our institutions are in session for most of these respective quarters. Our first and third fiscal quarters are weaker revenue quarters because our institutions have summer breaks for some portion of one of these two quarters. However, our primary enrollment intakes occur during the first and third quarters. Due to this seasonality, revenues and profits in any one quarter are not necessarily indicative of results in subsequent quarters and may not be correlated to new enrollment in any one quarter. Additionally, seasonality may be affected due to other events that could change the academic calendar at our institutions. See “Item 1A—Risk Factors—Risks Relating to Our Business—We experience seasonal fluctuations in our results of operations” in our 2025 Form 10-K.

Income Tax Expense

Our consolidated income tax provision is derived based on the combined impact of federal, state and foreign income taxes. Also, discrete items can arise in the course of our operations that can further affect the Company’s effective tax rate for the period. Our tax rate fluctuates from period to period due to changes in the mix of earnings between our tax-paying entities and our loss-making entities for which it is not ‘more likely than not’ that a tax benefit will be realized on the loss. See “Item 1A—Risk Factors—Risks Relating to Our Business—We may have exposure to greater-than-anticipated tax liabilities” in our 2025 Form 10-K.

Results of Operations

The following discussion of the results of our operations is organized as follows:

•Comparison of Consolidated Results;

•Non-GAAP Financial Measure; and

•Segment Results.

Summary Comparison of Consolidated Results

Comparison of Consolidated Results for the Three Months Ended September 30, 2026 and 2025


					% Change
					Better/(Worse)
(in millions)	2026		2025		2026 vs. 2025
Revenues	$	485.1			$	400.2			21	%
Direct costs	353.4			316.5			(12)	%
General and administrative expenses	12.6			12.2			(3)	%

Operating income	119.1			71.5			67	%
Interest expense, net of interest income	(2.5)			(0.5)			nm
Other non-operating income (expense)	4.6			(2.2)			nm
Income from continuing operations before income taxes	121.2			68.8			76	%
Income tax expense	(20.0)			(34.5)			42	%

Income from continuing operations	101.2			34.4			194	%
Loss from discontinued operations, net of tax	—			—			nm
Net income	101.2			34.4			194	%
Net loss attributable to noncontrolling interests	—			0.1			100	%
Net income attributable to Laureate Education, Inc.	$	101.2			$	34.5			193	%

nm - percentage changes not meaningful

Comparison of Consolidated Results for the Three Months Ended September 30, 2026 to the Three Months Ended September 30, 2025

Revenues increased by $84.9 million to $485.1 million for the three months ended September 30, 2026 (the 2026 fiscal quarter) from $400.2 million for the three months ended September 30, 2025 (the 2025 fiscal quarter). The increase was attributable to the effect of changes in tuition rates and enrollments in programs at varying price points (product mix), pricing and timing, which increased revenues by $35.2 million, compared to the 2025 fiscal quarter. This increase included a net favorable effect of approximately $29 million from intra-year academic calendar timing attributable to semester start dates in the 2026 fiscal quarter as compared to the 2025 fiscal quarter. In addition, a net change in foreign currency exchange rates increased revenues by $29.2 million, due to the strengthening of the Mexican peso and the Peruvian nuevo sol against the USD compared to the 2025 fiscal quarter and the effect of higher average total enrollment at our institutions during the 2026 fiscal quarter, increased revenues by $20.5 million compared to the 2025 fiscal quarter.

Direct costs and general and administrative expenses combined increased by $37.3 million to $366.0 million for the 2026 fiscal quarter from $328.7 million for the 2025 fiscal quarter. This increase was primarily driven by the effect of a net change in foreign currency exchange rates, which increased direct costs by $21.9 million, due to the strengthening of the Mexican peso and the Peruvian nuevo sol against the USD compared to the 2025 fiscal quarter. Additionally, the increase was attributable to the effect of operational changes, which increased direct costs by $15.1 million, primarily due to the result of higher enrollment at our institutions. Other Corporate expenses accounted for an increase in costs of $0.3 million for the 2026 fiscal quarter compared to the 2025 fiscal quarter.

Operating income increased by $47.6 million to $119.1 million for the 2026 fiscal quarter from $71.5 million for the 2025 fiscal quarter, driven by higher operating income at our Peru and Mexico segments. The higher operating income was due in part to a favorable effect from the timing of the academic calendar combined with the strengthening of the Mexican peso and the Peruvian nuevo sol against the USD.

Other non-operating income (expense) changed by $6.8 million to an income of $4.6 million for the 2026 fiscal quarter from an expense of $(2.2) million for the 2025 fiscal quarter. This change was primarily attributable to a foreign currency exchange gain for the 2026 fiscal quarter compared to a foreign currency exchange loss for the 2025 fiscal quarter for a change of $7.0 million, related to revaluation of items denominated in currencies different than the functional currency, including intercompany loan arrangements. Other income accounted for the remaining change of $0.2 million.

Income tax expense decreased by $14.5 million to $20.0 million for the 2026 fiscal quarter from $34.5 million for the 2025 fiscal quarter. This decrease was primarily attributable to a discrete tax benefit of approximately $25.4 million that was recorded during the 2026 fiscal quarter upon resolution of a legacy tax contingency. This benefit was partially offset by the impact of the year-over-year effect of higher pretax income during the 2026 fiscal quarter as compared to the 2025 fiscal quarter.

Comparison of Consolidated Results for the Nine Months Ended September 30, 2026 and 2025


					% Change
					Better/(Worse)
(in millions)	2026		2025		2026 vs. 2025
Revenues	$	1,373.6			$	1,160.5			18	%
Direct costs	1,020.6			872.3			(17)	%
General and administrative expenses	37.9			36.7			(3)	%

Operating income	315.0			251.6			25	%
Interest expense, net of interest income	(6.4)			(3.1)			(106)	%
Other non-operating income (expense)	4.1			(30.2)			114	%
Income from continuing operations before income taxes	312.7			218.4			43	%
Income tax expense	(96.0)			(106.3)			10	%

Income from continuing operations	216.7			112.0			93	%
Income from discontinued operations, net of tax	—			0.2			(100)	%
Net income	216.7			112.3			93	%
Net income attributable to noncontrolling interests	—			(2.2)			(100)	%
Net income attributable to Laureate Education, Inc.	$	216.7			$	110.1			97	%

Comparison of Consolidated Results for the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025

Revenues increased by $213.1 million to $1,373.6 million for the nine months ended September 30, 2026 (the 2026 fiscal period) from $1,160.5 million for the nine months ended September 30, 2025 (the 2025 fiscal period). The increase in revenues was attributable to: (1) a net change in foreign currency exchange rates which increased revenues by $115.1 million, due to the strengthening of the Mexican peso and the Peruvian nuevo sol against the USD compared to the 2025 fiscal period; (2) the effect of higher average total enrollment at our institutions during the 2026 fiscal period, which increased revenues by $62.1 million compared to the 2025 fiscal period; and (3) the effect of changes in product mix, pricing and timing, which increased revenues by $36.0 million compared to the 2025 fiscal period and included a net favorable effect of approximately $20 million from intra-year academic calendar timing attributable to semester start dates in the 2026 fiscal period as compared to the 2025 fiscal period. Corporate accounted for the remaining difference of $0.1 million.

Direct costs and general and administrative expenses combined increased by $149.5 million to $1,058.5 million for the 2026 fiscal period from $909.0 million for the 2025 fiscal period. This increase was primarily driven by the effect of a net change in foreign currency exchange rates, which increased direct costs by $90.0 million, mainly due to the strengthening of the Mexican peso and the Peruvian nuevo sol against the USD compared to the 2025 fiscal period. Additionally, the increase was attributable to the effect of operational changes, which increased direct costs by $58.6 million compared to the 2025 fiscal period, primarily due to the result of higher enrollment at our institutions. Corporate accounted for the remaining difference of $0.9 million.

Operating income increased by $63.4 million to $315.0 million for the 2026 fiscal period from $251.6 million for the 2025 fiscal period. This increase was primarily driven by higher operating income at our Peru and Mexico segments during the 2026 fiscal period compared to the 2025 fiscal period, partially due to a favorable effect from the timing of the academic calendar as well as strengthening of the Mexican peso and the Peruvian nuevo sol against the USD.

Other non-operating income (expense) changed by $34.3 million to an income of $4.1 million for the 2026 fiscal period from an expense of $(30.2) million for the 2025 fiscal period. This change was attributable to a smaller foreign currency exchange gain during the 2026 fiscal period compared to a larger foreign currency exchange loss during the 2025 fiscal period for a change of $34.8 million, related to revaluation of items denominated in currencies different than the functional currency, including intercompany loan arrangements. A decrease in other income accounted for the remaining change of $0.5 million for the 2026 fiscal period.

Income tax expense decreased by $10.3 million to $96.0 million for the 2026 fiscal period from $106.3 million for the 2025 fiscal period. This decrease was primarily attributable to the year-over-year effect of a higher net discrete tax benefit recorded during the 2026 fiscal period as compared to the 2025 fiscal period, related to the resolution of legacy tax contingencies.

Non-GAAP Financial Measure

We define Adjusted EBITDA as net income (loss), before (income) loss from discontinued operations, net of tax, equity in net (income) loss of affiliates, net of tax, income tax expense (benefit), (gain) loss on disposal of subsidiaries, net, foreign currency exchange (gain) loss, net, other (income) expense, net, interest expense, interest income, and loss on debt extinguishment, plus depreciation and amortization, share-based compensation expense and loss on impairment of assets. Adjusted EBITDA is used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures.

Adjusted EBITDA is a key measure used by our management and Board of Directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key financial measure used by the compensation committee of our Board of Directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors.

The following table presents Adjusted EBITDA and reconciles Net income to Adjusted EBITDA for the three months ended September 30, 2026 and 2025:


					% Change
					Better/(Worse)
(in millions)	2026		2025		2026 vs. 2025
Net income	$	101.2			$	34.4			194	%
Plus:
Income from discontinued operations, net of tax	—			—			nm
Income from continuing operations	101.2			34.4			194	%
Plus:

Income tax expense	20.0			34.5			42	%
Income from continuing operations before income taxes	121.2			68.8			76	%
Plus:

Foreign currency exchange (gain) loss, net	(4.7)			2.3			nm
Other expense (income), net	0.1			(0.2)			(150)	%


Interest expense	4.8			2.6			(85)	%
Interest income	(2.3)			(2.1)			10	%
Operating income	119.1			71.5			67	%
Plus:
Depreciation and amortization	23.8			19.6			(21)	%
EBITDA	142.9			91.1			57	%
Plus:
Share-based compensation expense (a)	3.9			3.8			(3)	%

Adjusted EBITDA	$	146.8			$	94.8			55	%

nm - percentage changes not meaningful

(a) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC 718, “Stock Compensation.”

Comparison of Depreciation and Amortization for the Three Months Ended September 30, 2026 and 2025

Depreciation and amortization increased by $4.2 million to $23.8 million for the 2026 fiscal quarter from $19.6 million for the 2025 fiscal quarter, which was primarily attributable to equipment purchases and campus improvements related to growth initiatives including campus expansions and new campus investments that resulted in a higher depreciable asset base, combined with the strengthening of the Mexican peso and Peruvian nuevo sol against the USD compared to the 2025 fiscal quarter.

The following table presents Adjusted EBITDA and reconciles Net income to Adjusted EBITDA for the nine months ended September 30, 2026 and 2025:


					% Change
					Better/(Worse)
(in millions)	2026		2025		2026 vs. 2025
Net income	$	216.7			$	112.3			93	%
Plus:
Income from discontinued operations, net of tax	—			(0.2)			(100)	%
Income from continuing operations	216.7			112.0			93	%
Plus:

Income tax expense	96.0			106.3			10	%
Income from continuing operations before income taxes	312.7			218.4			43	%
Plus:

Foreign currency exchange (gain) loss, net	(3.7)			31.1			112	%
Other income, net	(0.4)			(1.0)			(60)	%


Interest expense	12.1			8.1			(49)	%
Interest income	(5.7)			(5.0)			14	%
Operating income	315.0			251.6			25	%
Plus:
Depreciation and amortization	69.4			53.3			(30)	%
EBITDA	384.4			304.9			26	%
Plus:
Share-based compensation expense (a)	10.6			9.7			(9)	%

Adjusted EBITDA	$	395.1			$	314.7			26	%

(a) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC 718, “Stock Compensation.”

Comparison of Depreciation and Amortization for the Nine Months Ended September 30, 2026 and 2025

Depreciation and amortization increased by $16.1 million to $69.4 million for the 2026 fiscal period from $53.3 million for the 2025 fiscal period, which was primarily attributable to equipment purchases and campus improvements related to growth initiatives including campus expansions and new campus investments that resulted in a higher depreciable asset base, combined with the strengthening of the Mexican peso and Peruvian nuevo sol against the USD compared to the 2025 fiscal period.

Segment Results

We have two reportable segments: Mexico and Peru. For purposes of the following comparison of results discussion, “segment direct costs” represent direct costs incurred by the segment as they are included in Adjusted EBITDA, such that depreciation and amortization expense, loss on impairment of assets and share-based compensation expense have been excluded. Enrollment is based on average total enrollment for the period. For a further description of our segments, see Overview.

The following tables, derived from our consolidated financial statements included elsewhere in this Form 10-Q, present selected financial information of our segments:


(in millions)					% Change
					Better/(Worse)
For the three months ended September 30,	2026		2025		2026 vs. 2025
Revenues:
Mexico	$	256.5			$	194.8			32	%
Peru	228.6			205.3			11	%
Corporate	—			—			nm
Consolidated Total Revenues	$	485.1			$	400.2			21	%

Adjusted EBITDA:
Mexico	$	62.1			$	25.7			142	%
Peru	94.0			78.1			20	%
Corporate	(9.2)			(8.9)			(3)	%
Consolidated Total Adjusted EBITDA	$	146.8			$	94.8			55	%


(in millions)					% Change
					Better/(Worse)
For the nine months ended September 30,	2026		2025		2026 vs. 2025
Revenues:
Mexico	$	736.1			$	601.5			22	%
Peru	637.4			558.9			14	%
Corporate	—			0.1			(100)	%
Consolidated Total Revenues	$	1,373.6			$	1,160.5			18	%

Adjusted EBITDA:
Mexico	$	174.1			$	136.1			28	%
Peru	249.8			206.5			21	%
Corporate	(28.9)			(27.9)			(4)	%
Consolidated Total Adjusted EBITDA	$	395.1			$	314.7			26	%

nm - percentage changes not meaningful

Mexico

Financial Overview

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Comparison of Mexico Results for the Three Months Ended September 30, 2026 to the Three Months Ended September 30, 2025


(in millions)	Revenues		Direct Costs		Adjusted EBITDA
September 30, 2025	$	194.8			$	169.1		$	25.7
Enrollment (1)	8.9
Product mix, pricing and timing (1)	33.5
Constant currency	42.4			10.7			31.7
Foreign exchange	19.3			14.6			4.7



September 30, 2026	$	256.5			$	194.4		$	62.1

(1) Enrollment and product mix, pricing and timing are not separable for the calculation of direct costs and therefore are combined and defined as Constant currency for the calculation of Adjusted EBITDA.

Revenues increased by $61.7 million, a 32% increase from the 2025 fiscal quarter.

•On a constant currency basis, revenue increased by 22% compared to the 2025 fiscal quarter, driven by a favorable impact of approximately $28 million from intra-year academic calendar timing attributable to semester start dates in the 2026 fiscal quarter compared to the 2025 fiscal quarter, as well as improvements in operational performance.

•Revenues from our Mexico segment represented 53% of our consolidated total revenues for the 2026 fiscal quarter, compared to 49% for the 2025 fiscal quarter.

Adjusted EBITDA increased by $36.4 million, a 142% increase from the 2025 fiscal quarter.

•On a constant currency basis, Adjusted EBITDA increased by 123%, driven by a favorable effect of intra-year academic calendar timing attributable to semester start dates in the 2026 fiscal quarter compared to the 2025 fiscal quarter, as well as improvements in operational performance.

Comparison of Mexico Results for the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025


(in millions)	Revenues		Direct Costs		Adjusted EBITDA
September 30, 2025	$	601.5			$	465.4		$	136.1
Enrollment (1)	25.4
Product mix, pricing and timing (1)	30.4
Constant currency	55.8			36.7			19.1
Foreign exchange	78.8			59.9			18.9



September 30, 2026	$	736.1			$	562.0		$	174.1

Revenues increased by $134.6 million, a 22% increase from the 2025 fiscal period.

•On a constant currency basis, revenue increased by 9%, driven by a favorable impact of approximately $16 million from intra-year academic calendar timing attributable to semester start dates in the 2026 fiscal period compared to the 2025 fiscal period, as well as improvements in operational performance.

•Revenues from our Mexico segment represented 54% of our consolidated total revenues for the 2026 fiscal period, compared to 52% for the 2025 fiscal period.

Adjusted EBITDA increased by $38.0 million, a 28% increase from the 2025 fiscal period.

•On a constant currency basis, Adjusted EBITDA increased by 14%, driven by a favorable effect of intra-year academic calendar timing attributable to semester start dates in the 2026 fiscal period compared to the 2025 fiscal period, as well as improvements in operational performance.

Peru

Financial Overview

$\"2293\"$ $\"2331\"$

Comparison of Peru Results for the Three Months Ended September 30, 2026 to the Three Months Ended September 30, 2025


(in millions)	Revenues		Direct Costs		Adjusted EBITDA
September 30, 2025	$	205.3			$	127.2		$	78.1
Enrollment (1)	11.6
Product mix, pricing and timing (1)	1.8
Constant currency	13.4			1.6			11.8
Foreign exchange	9.9			5.8			4.1



September 30, 2026	$	228.6			$	134.6		$	94.0

Revenues increased by $23.3 million, an 11% increase from the 2025 fiscal quarter.

•On a constant currency basis, revenue increased by 7% compared to the 2025 fiscal quarter, which includes a favorable impact of approximately $1 million from intra-year academic calendar timing attributable to semester start dates in the 2026 fiscal quarter compared to the 2025 fiscal quarter.

•Revenues from our Peru segment represented 47% of our consolidated total revenues for the 2026 fiscal quarter, compared to 51% for the 2025 fiscal quarter.

Adjusted EBITDA increased by $15.9 million, a 20% increase from the 2025 fiscal quarter.

•On a constant currency basis, Adjusted EBITDA increased by 15% compared to the 2025 fiscal quarter.

Comparison of Peru Results for the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025


(in millions)	Revenues		Direct Costs		Adjusted EBITDA
September 30, 2025	$	558.9			$	352.4		$	206.5
Enrollment (1)	36.7
Product mix, pricing and timing (1)	5.5
Constant currency	42.2			11.5			30.7
Foreign exchange	36.3			23.7			12.6



September 30, 2026	$	637.4			$	387.6		$	249.8

Revenues increased by $78.5 million, a 14% increase from the 2025 fiscal period.

•On a constant currency basis, revenues increased by 8%, which includes a favorable impact of approximately $4 million from intra-year academic calendar timing attributable to semester start dates in the 2026 fiscal period compared to the 2025 fiscal period.

•Revenues from our Peru segment represented 46% of our consolidated total revenues for the 2026 fiscal period compared to 48% for the 2025 fiscal period.

Adjusted EBITDA increased by $43.3 million, a 21% increase from the 2025 fiscal period.

•On a constant currency basis, Adjusted EBITDA increased by 15% compared to the 2025 fiscal period.

Corporate

Corporate revenues primarily represent miscellaneous other revenues, net of the elimination of intersegment revenues.

Comparison of Corporate Results for the Three Months Ended September 30, 2026 to the Three Months Ended September 30, 2025


					% Change
					Better/(Worse)
(in millions)	2026		2025		2026 vs. 2025
Revenues	$	—			$	—			nm
Expenses	9.2			8.9			(3)	%
Adjusted EBITDA	$	(9.2)			$	(8.9)			(3)	%

nm - percentage changes not meaningful

Comparison of Corporate Results for the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025


					% Change
					Better/(Worse)
(in millions)	2026		2025		2026 vs. 2025
Revenues	$	—			$	0.1			(100)	%
Expenses	28.9			28.0			(3)	%
Adjusted EBITDA	$	(28.9)			$	(27.9)			(4)	%

Liquidity and Capital Resources

Liquidity Sources

We anticipate that cash flow from operations and available cash will be sufficient to meet our current operating requirements and manage our liquidity needs for at least the next 12 months from the date of issuance of this report.

Our primary source of cash is revenue from tuition charged to students in connection with our various education program offerings. Essentially all of our revenues are generated from private pay sources as there are no material government-sponsored loan programs in Mexico or Peru. We anticipate generating sufficient cash flow from operations in the countries in which we operate to satisfy the working capital and financing needs of our organic growth plans for each country. If our educational institutions within one country were unable to maintain sufficient liquidity, we would consider using internal cash resources or reasonable short-term working capital facilities to accommodate any short- to medium-term shortfalls.

As of September 30, 2026, our cash and cash equivalents were $189.9 million. Our cash accounts are maintained with high-quality financial institutions. The Company also maintains a revolving credit facility under its credit agreement (the Amended Credit Agreement) that provides for borrowings of up to $155.0 million of revolving credit loans maturing September 2028 (the Revolving Credit Facility). The credit available to be borrowed under the Amended Credit Agreement, whether as revolving loans or term loans, if any, are referred to herein collectively as the “Senior Secured Credit Facility.” In accordance with the terms of the Amended Credit Agreement, any proceeds drawn on the Revolving Credit Facility may be used for general corporate purposes. As of September 30, 2026, the Company had an outstanding balance of $35.0 million borrowed under the Revolving Credit Facility.

If certain conditions are satisfied, the Amended Credit Agreement also provides for an incremental revolving and term loan facilities, at the request of the Company and subject to lender approval, not to exceed (i) the greater of (a) $172.5 million and (b) 50% of the Company’s Consolidated EBITDA, plus (ii) additional amounts so long as both immediately before and after giving effect to such incremental facilities the Company’s Consolidated Senior Secured Debt to Consolidated EBITDA ratio, as defined in the Amended Credit Agreement, on a pro forma basis, does not exceed 2.25x, plus (iii) the aggregate amounts of any voluntary repayments of term loans, if any, and aggregate amount of voluntary repayments of revolving credit facilities that are accompanied by a corresponding termination or reduction of revolving credit commitments.

Liquidity Restrictions

Our liquidity is affected by restricted cash balances, which totaled $4.1 million as of September 30, 2026 and $5.4 million as of December 31, 2025. Restricted cash mainly consists of cash equivalents held as assets for a supplemental employment retention agreement for a former executive.

Indefinite Reinvestment of Historical Foreign Earnings

We earn a significant portion of our income from subsidiaries located in countries outside the United States. As of September 30, 2026, $182.1 million of our total $189.9 million of cash and cash equivalents were held by foreign subsidiaries. As of December 31, 2025, $130.4 million of our total $146.7 million of cash and cash equivalents were held by foreign subsidiaries. As part of our business strategies, we have determined that the undistributed historical earnings of our foreign operations for which we have not already recorded taxes will be deemed indefinitely reinvested outside of the United States.

Liquidity Requirements

Our liquidity requirements include: funding for debt service (including finance leases); operating lease obligations; payments of deferred compensation; working capital; operating expenses; capital expenditures; stock repurchases; business development activities; and payments of other third-party obligations.

Debt

As of September 30, 2026, our debt obligations consisted of lines of credit and short-term borrowing arrangements of subsidiaries and notes payable, which totaled $82.3 million. In addition, our finance lease obligations were $86.9 million.

On June 30, 2026, a Laureate subsidiary in Peru, Universidad Privada del Norte (UPN), entered into an agreement to borrow PEN 205 million (approximately $60.0 million at the time of the loan). The loan bears interest at a fixed rate of 6.45% per annum and interest payments are due quarterly. Quarterly principal payments in the amount of PEN 10.3 million ($3.0 million at September 30, 2026) are payable beginning in October 2028 through the loan’s maturity date in July 2033. The terms of the loan specify that the proceeds may be used for financing or paying capital expenditures, as well as refinancing working capital lines of credit or other debt. In July 2026, UPN received the loan proceeds and used approximately $41.0 million of the total proceeds to repay working capital lines of credit and expects to use the remaining loan proceeds to fund capital expenditures related to campus expansions. As collateral for the loan, UPN pledged assets at 4.00 of its campus locations.

Covenants

The Amended Credit Agreement provides, solely with respect to the Revolving Credit Facility, that the Company shall not permit its Consolidated Senior Secured Debt to Consolidated EBITDA ratio, as defined in the Amended Credit Agreement, to exceed 3 as of the last day of each quarter commencing with the quarter ending December 31, 2019 and thereafter. The Amended Credit Agreement also provides that if less than 25% of the Revolving Credit Facility is utilized as of that date, then such financial covenant shall not apply. As of September 30, 2026, this condition was satisfied and, therefore, we were not subject to the leverage ratio covenant. In addition, indebtedness at some of our locations contains financial maintenance covenants. We were in compliance with those covenants as of September 30, 2026.

Leases

We conduct a significant portion of our operations from leased facilities, including many of our higher education facilities and other office locations. As of September 30, 2026 and December 31, 2025, the present value of operating lease liabilities was $579.9 million and $387.8 million, respectively.

Capital Expenditures

Capital expenditures primarily consist of purchases of property and equipment. Our capital expenditure program is a component of our liquidity and capital management strategy. This program includes discretionary spending, which we can adjust in response to economic and other changes in our business environment, to grow our business through the following: (1) capacity expansion at institutions to support enrollment growth; (2) new programs and campuses for institutions in our existing markets; and (3) information technology to increase efficiency and controls. Our non-discretionary spending includes the maintenance of existing facilities. We typically fund our capital expenditures through cash flow from operations and external financing. In the event that we are unable to obtain the necessary funding for capital expenditures, our long-term growth strategy could be significantly affected. We believe that our internal sources of cash and our ability to obtain additional third-party financing, subject to market conditions, will be sufficient to fund our investing activities.

Our total capital expenditures, excluding receipts from the sale of property and equipment, were $63.4 million and $36.1 million during the nine months ended September 30, 2026 and 2025, respectively. The increase in capital expenditures was driven by higher equipment purchases and increased expenditures for campus construction projects during the 2026 fiscal period compared to the 2025 fiscal period.

Share Repurchase Programs

On September 13, 2024, the Company announced that its Board of Directors had approved a $100 million stock purchase program. On October 30, 2025, the Company announced that its Board of Directors had approved a $150 million increase to the authorization for the Company’s stock repurchase program. On February 19, 2026, the Company announced that its Board of Directors had approved an additional $150 million increase to the existing authorization for the Company’s stock repurchase

program. On July 30, 2026, the Company announced that its Board of Directors had approved an additional $150 million increase to the existing authorization for the Company’s stock repurchase program, which has no fixed expiration date, for a total authorization of $550 million. As of September 30, 2026, the Company had $75.2 million of capacity remaining under its stock repurchase authorization. On October 29, 2026, the Company announced that its Board of Directors had approved an additional $150 million increase to the existing authorization for the Company’s stock repurchase program. After giving effect to this new authorization and taking into account the cumulative repurchases through September 30, 2026, the Company may repurchase up to approximately $225.2 million of its common stock under its stock repurchase program, which has no fixed expiration date.

The Company intends to finance the repurchases with free cash flow, excess cash and liquidity on-hand, including available capacity under its Revolving Credit Facility. The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations promulgated under the Exchange Act. Repurchases may be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company’s Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program.

Cash Flows

In the consolidated statements of cash flows, the changes in operating assets and liabilities are presented excluding the effects of exchange rate changes and reclassifications, as these effects do not represent operating cash flows. Accordingly, the amounts in the consolidated statements of cash flows do not agree with the changes of the operating assets and liabilities as presented in the consolidated balance sheets. The effects of exchange rate changes on cash are presented separately in the consolidated statements of cash flows.

The following table summarizes our cash flows from operating, investing, and financing activities for the nine months ended September 30, 2026 and 2025:


(in millions)	2026		2025
Cash provided by (used in):
Operating activities	$	324.6			$	272.8
Investing activities	(61.0)			(35.7)
Financing activities	(221.5)			(96.9)
Effects of exchange rates changes on cash	(0.1)			8.1
Change in cash included in current assets held for sale	—			0.3
Net change in cash and cash equivalents and restricted cash	$	42.0			$	148.6

Comparison of Cash Flows for the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025

Operating Activities

Cash provided by operating activities increased by $51.8 million to $324.6 million for the 2026 fiscal period from $272.8 million for the 2025 fiscal period. This increase in operating cash flows was primarily attributable to higher operating income combined with the net effect of changes in operating assets and liabilities, which increased operating cash by $80.2 million compared to the 2025 fiscal period. This increase was partially offset by higher cash paid for taxes in Mexico and Peru of $26.3 million, from $101.6 million for the 2025 fiscal period to $127.9 million for the 2026 fiscal period, due to higher estimated tax payments and tax audit payments during the 2026 fiscal period as compared to the 2025 fiscal period, as well as a year-over-year increase in the taxes that were payable upon filing the annual tax returns, due to an increase in taxable income. In addition, there was an increase in cash paid for interest of $2.1 million, from $7.0 million for the 2025 fiscal period to $9.1 million for the 2026 fiscal period, due to higher average debt balances.

Investing Activities

Cash used in investing activities increased by $25.3 million to $(61.0) million for the 2026 fiscal period from $(35.7) million for the 2025 fiscal period. This increase in investing cash outflows was attributable to higher capital expenditures in both Mexico and Peru totaling $27.4 million during the 2026 fiscal period compared to the 2025 fiscal period. This increase was partially offset by higher year-over-year cash proceeds from the sale of property and equipment of $2.1 million primarily related to the sale of a parcel of land in Mexico.

Financing Activities

Cash used in financing activities increased by $124.6 million to $(221.5) million for the 2026 fiscal period from $(96.9) million for the 2025 fiscal period. This increase in financing cash outflows was primarily attributable to a $187.3 million increase in common stock repurchases during the 2026 fiscal period compared to the 2025 fiscal period. This change was partially offset by $65.2 million of higher net proceeds from debt borrowings that primarily included: 1) $35.0 million of net borrowings on the Revolving Credit Facility that was used to fund a portion of the Company’s share repurchases during the 2026 fiscal period; and 2) the $60.0 million UPN Peru term loan, approximately $41.0 million of which was used to repay working capital lines of credit, resulting in a net borrowing of approximately $19.0 million. The remaining difference in financing activities of $2.5 million was accounted for by other immaterial items.

Critical Accounting Policies and Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Our significant accounting policies are discussed in Note 2, Significant Accounting Policies, of the audited consolidated financial statements included in our 2025 Form 10-K. Our critical accounting policies require the most significant judgments and estimates about the effect of matters that are inherently uncertain. As a result, these accounting policies and estimates could materially affect our financial statements and are critical to the understanding of our results of operations and financial condition. For a complete discussion of our critical accounting policies, see the “Critical Accounting Policies and Estimates” section of the MD&A in our 2025 Form 10-K. During the nine months ended September 30, 2026, there were no significant changes to our critical accounting policies.

Recently Adopted Accounting Standards

None.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For information regarding our exposure to certain market risks, see Item 7A, Quantitative and Qualitative Disclosures About Market Risk, in our 2025 Form 10-K. There have been no significant changes in our market risk exposures since our December 31, 2025 fiscal year end.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Quarterly Report on Form 10-Q. The purpose of disclosure controls and procedures is to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to management, including our CEO and CFO, to allow timely decisions regarding required disclosures. Based on that evaluation, our CEO and CFO have concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective.

Changes in Internal Controls over Financial Reporting

There were no changes in our internal control over financial reporting during the fiscal quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

The information required with respect to this item can be found under “Contingencies” in Note 6, Commitments and Contingencies, of the notes to the consolidated financial statements included elsewhere in this Form 10-Q and is incorporated by reference into this Item 1.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in “Item 1A. Risk Factors” in our 2025 Form 10‑K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities (amounts in the table below shown in thousands, except per share amounts)

The following table provides a summary of the Company’s purchases of its common stock during the three months ended September 30, 2026 pursuant to the Company’s previously authorized share repurchase program:


Period	Total number of shares purchased	Average price paid per share	Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares yet to be purchased under the plans or programs (1)
7/1/26 - 7/31/26	—		$	—	—	$	150,184
8/1/26 - 8/31/26	1,057		$	37.86	1,057	$	110,184
9/1/26 - 9/30/26	952		$	36.76	952	$	75,184
Total	2,009		$	37.33	2,009	$	75,184

(1) On September 13, 2024, the Company announced that its Board of Directors had approved a stock repurchase program to acquire up to $100 million of the Company’s common stock. On October 30, 2025, the Company announced that its Board of Directors had approved a $150 million increase to the authorization for the Company’s stock repurchase program. On February 19, 2026, the Company announced that its Board of Directors had approved an additional $150 million increase to the existing authorization for the Company’s stock repurchase program. On July 30, 2026, the Company announced that its Board of Directors had approved an additional $150 million increase to the existing authorization for the Company’s stock repurchase program, which has no fixed expiration date, for a total authorization of $550 million. As of September 30, 2026, the Company had $75.2 million of capacity remaining under its stock repurchase authorization. On October 29, 2026, the Company announced that its Board of Directors had approved an additional $150,000 increase to the existing authorization for the Company’s stock repurchase program. After giving effect to this new authorization and taking into account the cumulative repurchases through September 30, 2026, the Company may repurchase up to approximately $225.2 million of its common stock under its stock repurchase program, which has no fixed expiration date. The Company’s repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations promulgated under the Exchange Act. Repurchases may be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company’s Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program at any time.

Item 5. Other Information

Rule 10b5-1 Trading Arrangements

During the three months ended September 30, 2026, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

Item 6. Exhibits

Exhibit

No.

Exhibit Description

Form

File Number

Exhibit Number

Filing Date

31.1

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document

101.SCH

XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents

104

Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

/s/ RICHARD M. BUSKIRK

Richard M. Buskirk

Senior Vice President and Chief Financial Officer

Date: October 29, 2026

/s/ GERARD M. KNAUER

Gerard M. Knauer

Vice President, Accounting and Global Controller

Date: October 29, 2026

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